“Before I begin, two points: 1) I do not own any Apple stock. I have absolutely no interest in whether the stock goes up or down. 2) One can make an argument that there may be other reasons to sell Apple’s stock now (namely, uncertainty following the passing of Steve Jobs), I’m simply arguing that the stock’s collapse today due to yesterday’s earnings is laughable,” MG Siegler writes for TechCrunch.
“Watching the stock market following Apple’s Q4 earnings yesterday and into today, I’m reminded of a famous Steve Jobs quote, ‘If you see a stylus, they blew it,'” Siegler writes. “Reworked, the quote today would be: ‘If you’re investing based on Apple analysts, you blew it.'”
Siegler writes, “Apple’s stock dropped 23.62 points today — over 5.5 percent. It went from an all-time closing high of $422 a share, to under $400 a share. Why? Again, the earnings announced yesterday. For the first time in something like 9 years, Apple failed to beat Wall Street’s expectations. But here’s the thing: those expectations were ridiculous and flawed and once again show that analysts have no idea what they’re talking about when it comes to Apple.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]